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December 10th, 2015: SP-500 EOD Update

5:25 pm EST: The SP-500 price closed at 2052, which is below the 200-day SMA (2064) and 50-day SMA (2054) for two consecutive days. The primary (red) count is gaining momentum. A break below 2019 and 1993 is required to fully confirm the red wave count.

The primary (red) count is that Primary B (PB) of Cycle 2 (C2) wave topped at 2116 and has begun the Primary C (PC) of Cycle 2 (C2) wave headed to the 1575 target area. This first minor 1 of major [1]-PC wave completed at the 2019 pivot. The minor 2 of major [1] wave ended at the 88% Fib of 2104. Wave minor 3 is underway and should drop below the 2019 pivot to the 1926/1905 pivot area, where minor 3 = 2.62*minor 1. Within minor 3, wave (1) at 2042 and wave (2) has retraced 88% 2094. Wave (3) of minor 3 should now impulse lower towards the (3)=2.62(1) target of 1932. Within the minute (3) wave, wave i-(3) ended at 2052 and wave ii-(3) at 2080. Wave iii-(3) should now be underway headed for the iii=2.62*i target of 1970. The red count remains valid as long as the minor 2 of major [1] wave remains below the PB high of 2116.

The alternate (blue) count is that Primary 5 (P5) of Cycle 1 (C1) has one more push up above the 2135 level coming of the Primary 4 (P4) low of 1867 from August. Within P5, the major [4] wave appears to be taking the form of a large contracting triangle wave. Wave minor A completed at 2019, wave minor B ended at 2104, and the minor C bottomed at 2037. The minor D wave up toward the 2094 pivot area is underway and once complete there should be minor E wave back down toward the 2046 area to complete the major [4] wave triangle. Once major [4] completes, there should be one more push up to a new all-time high for the major [5] wave that should reach at least to the double bottom target of 2170 or the P5=0.5*P1 target at 2219. The blue count remains valid as long the minor C wave of the major [4] triangle remains above the minor A wave low of 2019.